SAN FRANCISCO (August 10, 2024) — Tesla has ceased taking orders for its least expensive Cybertruck model, priced at $61,000, and is now offering the higher-end $100,000 version for immediate purchase and delivery as soon as this month. The change, visible on Tesla’s website, reflects a shift in focus towards more expensive variants of the electric truck.
The decision to halt orders for the $61,000 version comes amid shifting demand and supply challenges. Despite Tesla’s optimistic projections and an initial reserve of 1 million trucks, actual demand appears to be falling short. Guidehouse Insights analyst Sam Abuelsamid noted that the current demand is lower than anticipated.
In July, the Cybertruck sold nearly 4,800 units, marking its best sales month and making it the top-selling vehicle in the U.S. over $100,000. However, sustaining high sales at this price point may prove difficult, according to Cox Automotive.
The Cybertruck, which began deliveries in November 2023 following significant delays, features an unconventional design and a stainless-steel body. Initial forecasts from CEO Elon Musk predicted a $40,000 price point and a 500-mile range, but the current models have a range of 250 to 318 miles and are priced higher than initially estimated.
Tesla’s website no longer lists the $61,000 version, which had a 250-mile range and a delivery target of 2025. The available $99,990 dual-motor variant offers a 318-mile range and will be delivered as early as this month, while the $119,990 tri-motor Foundation Cyberbeast, with a 301-mile range, will be available from October.
Analysts suggest that Tesla is currently holding a significant inventory of two-motor and three-motor trucks. The company’s ability to manage this inventory while meeting high-volume sales expectations remains a critical challenge.
As Tesla adjusts its offerings, the focus is now on high-priced models, reflecting both current market realities and the company’s strategic priorities.
